Enedo Plc Publishes Business review July 1 – September 30, 2021 - Groupwide turnaround program and plans to strengthen the liquidity
27 Octubre 2021 - 1:45AM
Enedo Plc Publishes Business review July 1 – September 30, 2021 -
Groupwide turnaround program and plans to strengthen the liquidity
ENEDO PLC Business Review October 27th, 2021 klo 9:45
Enedo Plc Publishes
Business review July 1
– September
30, 2021
- Groupwide turnaround
program and plans to strengthen the liquidityBusiness
Review figures are unaudited.
NET
SALES BY GEOGRAPHY, |
7-9/21 |
7-9/20 |
1-9/21 |
1-9/20 |
1-12/20 |
MEUR |
3mo |
3mo |
9mo |
9mo |
12mo |
|
|
|
|
|
|
Americas |
1,8 |
1,5 |
5,1 |
5,1 |
7,0 |
EMEA |
5,3 |
6,2 |
17,8 |
20,2 |
26,5 |
APAC |
1,2 |
1,7 |
3,5 |
3,8 |
5,0 |
Total |
8,2 |
9,4 |
26,4 |
29,1 |
38,5 |
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES BY PRODUCT CATEGORY, |
7-9/21 |
7-9/20 |
1-9/21 |
1-9/20 |
1-12/20 |
MEUR |
3mo |
3mo |
9mo |
9mo |
12mo |
|
|
|
|
|
|
Led
Drivers |
2,7 |
2,0 |
7,2 |
6,3 |
8,7 |
Power
Supplies |
4,8 |
6,0 |
15,4 |
18,8 |
24,1 |
Power
Systems |
0,7 |
1,3 |
3,7 |
4,0 |
5,7 |
Total |
8,2 |
9,4 |
26,4 |
29,1 |
38,5 |
Mikael Fryklund,
CEO:
Net sales for the third quarter were EUR 8,2 million which is
EUR 1,2 million less than a year ago. The decline in sales was
effected mainly due to the component shortage and limited cash
reserves and due to covid pandemia restrictions. The order book
however increased and was EUR 20,5 million at the end of Q3 2021
compared to EUR 11,8 million last year. The order intake for Q3
2021 developed also very well and was EUR 14,5 million compared to
EUR 7,3 million in Q3 2020.
The Led Drivers product category's net sales were EUR 2,7
million, an increase of EUR 0,7 million in the third quarter of
2021 and EUR 0,9 million for the first three quarters. The increase
of the Led Drivers product category was mainly driven by the
increased demand by our Led Driver customers in North America and
EMEA.
The decrease in net sales compared to last year came from the
Power Supplies and Power Systems product categories. The net sales
of the Power Systems product category were EUR 0,7 million for Q3
2021, a decrease of EUR 0,6 million versus Q3 last year and EUR 0,3
million for the first three quarters. The decrease was mainly
driven by a weak demand during summer period and partly due to
component shortage. The demand for the MHE product family remained
stable.
The sales in the Power Supplies product category were EUR 4,8
million for Q3 2021, a decrease of EUR 1,2 million compared to Q3
last year. The year-to-date net sales were EUR 15,4 million with a
decrease of EUR 3,4 million compared to last year. The decrease was
driven by the component shortage. The order intake for the Power
Supplies product category for the first nine months was EUR 26,2
million compared to EUR 21,0 million last year.
Geographically, the sales increased in Q3 in the American market
driven by increased sales to Led Drivers customers which was
strongly impacted last year by the Covid pandemic, whereas sales in
EMEA and APAC were lower, due to the shortage of components. The
global market has been recovering, and the order intake was
increasing well in the quarter, but due to global shortage of
components and the limited cash reserves, the sales has been
negatively impacted in the quarter.
Enedo Plc’s
groupwide turnaround program and plans to strengthen the
liquidity
In order to turn Enedo Plc’s significant losses into a company
with long-term sustainable profitability, the company has launched
a turnaround program, which includes among others restructuring
activities and optimization of the logistics, involving the entire
Enedo Group as descibed in the half year report.
The turnaround program is progressing well but has shown to be
more challenging than anticipated, both in time and financially.
The turnaround program is estimated to cost around EUR 4 million
until end of first quarter next year, with the corresponding cash
effect.
To financially manage this transition period and implement the
turnaround program, the company needs to strengthen the liquidity.
Therefore we are now in discussions with various financial
institutions on a loan arrangement. The company is confident that
the loan arrangement will be completed well before the end of the
financial year.
The company is also investigating the possibility to strengthen
the equity in order to complete the full turnaround program.
The groupwide turnaround program and the strengthening of the
liquidity will furthermore enable Enedo Plc to improve the service
levels to our customers, likewise strengthen the relations to our
suppliers.
ENEDO PLC Board of Directors
For further information please contact Mr.
Mikael Fryklund, CEO, tel. +358 40 500 6864,On 27th of October
at 13:00–15:00.
DISTRIBUTIONNasdaq Helsinki OyPrincipal
mediaEnedo Enedo is a European designer and producer of
high-quality electronic power supplies and Power systems for
critical equipment even in the most demanding environments. Enedo´s
mission is to make electricity better – more reliable, more secure,
more energy efficient – and just right to fit its purpose. Enedo´s
three main product categories are Led Drivers, Power supplies and
Power Systems. In 2020 the group´s revenue was EUR 38,5 million.
Enedo has 354 employees and its main functions are located in
Finland, Italy, Tunisia and USA. The group´s head office is in
Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki
Oy.
www.enedopower.com
- Enedo Business Review Q3_2021
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